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Tag: Standard Tech Screen

Angle (AGL)

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Angle AGL Logo

A holding company whose principal activity is undertaken in relation to the commercialization of its Parsortix cell separation system, with deployment in non-invasive cancer diagnostics.

31-Jan-2019 – 3.5p – £90.4m – PER n/a

Interim Results For The 6 Months To End October 2018 – Still not making a Profit.

I will cease coverage here until I see signs of a Profit, at least a forecast one.

Alpha Financial Markets Consulting (AFM)

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Alpha Financial Markets Consulting AFM Logo

A UK based consulting company engaged in providing consultancy services to the asset and wealth management industry.

11-Oct-2018 – 224.5p – £227.8m – PER 18.2

Trading Update For The 6 Months To End September 2018 – Comfortable with current FY expectations.

There’s perhaps some value here at this level but not quite enough to tempt me just yet – Neutral for now.

21-Nov-2018 – 209.5p – £212.6m – PER 17.0

Interim Results For The 6 Months To End September 2018 – Revenue up 35%, Adjusted Operating Profit up 45%, EPS up over 20%, the Interim Dividend is up 30% or so – Net Cash of £10.6m. Expects FY to be slightly ahead of expectations.

I am Neutral here but could be tempted at this level – I will keep an eye out for upgrades here.

5-Jun-2019 – 231p – £234m – PER 16.9

Results For The 12 Months To End March 2019 – Revenue up 15.1% (from £66m to £76m), Operating Profit up almost 50%, Adjusted EPS up 23% (from 9.8p to 12.05p), the Total Dividend is up 16.1% (6p). Acquisition also announced.

I quite like this still (but don’t think it will ever set the world on fire) – Will keep an eye out for Broker updates.

EKF Diagnostics (EKF)

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EKF Diagnostics EKF Logo

The AIM listed point-of-care business

14-Mar-2017 – 26.25p – £120.1m – PER 25.0

Results For The 12 Months To End December 2017 – Revenue up 8% to £41.6m (2016: £38.6m), Gross Profit up 25% to £22.9m (2016: £18.3m), EPS 0.59p (2016: nil), Net Cash of £7.0m (31 Dec 2016: £2.2m). 2018 in-line with managements expectations.

I just cannot work out if this looks good or if it’s just average. The spidey senses are not triggering buy signals so for now I will remain Neutral.

9-Aug-2018 – 36.7p – £167.9m – PER 30.5

Trading Update – Marginally ahead.

I still can’t get past the valuation here, based on forecasts – I remain Neutral.

16-Jan-2019 – 31.3p – £142m – PER 24.1

Trading Update For The 12 Months To End December 2018 – EBITDA to be comfortably ahead of market expectations with Net Cash of £9.4m (£7m last time).

I still can’t see value here, will keep an eye out for Broker notes though.

13-Mar-2019 – 32p – £145m – PER 23

Results For The 12 Months To End December 2018 – Revenue up 2%, PBT up 280% from £4.3m to £12.2m, Underlying EPS up almost 100% from 58p to 101p. Q1 of the new year in-line with management expectations.

I had this down as fairly priced around this level, need to circle back to this and check out the exceptionals here.

15-Jul-2019 – 36p – £162m – PER 25

Trading Update – Current year has started well, Revenue is in-line and thanks to cost control EBITDA for the 6 months to end June 2019 is ahead of management expectations. Outlook for H2 is encouraging.

Forecasts seem to reflect all round single digit growth here this year and next so although ROCE and Operating Margin are great – Doesn’t seem like much value to me at this level.

10-Sep-2019 – 31p – £141m – PER 22

Interim Results For The 6 Months To End June 2019 – Earnings ahead of management expectations, Q3 trading in-line.

Looks like a good update but forecasts here reflect all round single digit growth this year and next so although ROCE and Operating Margin are great – Doesn’t seem like much value to me at this level.

Anpario (ANP)

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Anpario ANP Logo

The international producer of natural feed additives for animal health, hygiene and nutrition.

29-Jan-2018 – 493p – £114.0m – PER 29.9

Trading Update For The 12 Months To End December 2017 – In-line with Cash at £13.6m versus £11.1m last time.

Almost doubled in the past 12 months. Wish I’d spotted it back then when it was reasonably priced, looks expensive now to me.

7-Mar-2018 – 425p – £98.3m – PER 25.8

Final Results For The 12 Months To End December 2017 – Revenues up 20% to £29.2m (2016: £24.3m), PBT up 27% to £3.4m (2016: £2.7m), Diluted EPS up by 13% to 14.17p (2016: 12.58p). NetCash £13.6m (2016: £11.1m) and the total Dividend is 18% up on last year, 6.5p. Optimistic about the outlook, potential issues being FX and raw material prices.

I quite like this and I think if the outlook was a little more optimistic I would be more interested. For now I will remain Neutral.

5-Sep-2018 – 469p – £108.6m – PER 24.8

Interim Results For The 6 Months To End June 2018 – Revenue flat, PBT up 19% with EPSup 14%, there’s Cash of £12.6m and the Interim Dividend is up 10%.

On a PER circa 25 or so this just seems too expensive here at this price – I remain Neutral.

29-Jan-2019 – 345p – £79.9m – PER 17.7

Trading Update For The 12 Months To End December 2018 – Expects to be in-line, Cash at £12.9m, up from £13.6m.

Still looks overvalued to me.

6-Mar-2019 – 340p – £78.7m – PER 19.5

Results For The 12 Months To End December 2018 – Revenue down slightly but PBT is up 34% with EPS up 31%, the FY Dividend is up 11% and Cash is stable at £12.9m. Trading for the current year is ahead of 2018 but concerns regarding Brexit and Afircan Swine Fever.

There may be value here I will keep an eye out for revised Broker notes.

27-Jun-2019 – 337p – £79m – PER 18

AGM Statement – Challenges but margins improved and expects FY to be in-line.

I see no value here at all at present.

11-Sep-2019 – 330p – £77m – PER 17.5

Interim Results For The 6 Months To End June 2019 – Expect FY to be in-line.

I still see no value here at all at present.

Kape Technologies (KAPE)

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Kape Technologies KAPE Logo

The consumer security software business.

16-Jan-2018 – 72p – £98.2m – PER 17.9

Trading Update For The 12 Months To End December 2017 – In-line.

The growth looks OK here but probably fairly priced at best. Without seeing “real” profits, EBITDA only mentioned in the latest update, hard to make any kind of call. I’m going to wait to see the actuals.

17-May-2018 – 118.5p – £168.8m – PER 39.2

AGM Statement – Strong start to 2018.

I’m Neutral here whilst waiting to see the actuals.

26-Jul-2018 – 126p – £178.8m – PER 31.9

Trading Update For The 6 Months To End June 2018 – A solid start with EBITDA up 48%.

Looks impressive but will wait to see the actual results (profits) in September (will be interesting to see if those who made 9% yesterday will be selling out today!!!!).

Subsequent Note: As this was a current Standard Tech Screen Qualifier I bought in here today after reading a broker note on Research Tree – Details below…

14-Sep-2018 – 131p – £185.9m – PER 27.3

Interim Results For The 6 Months To End June 2018 – Revenue down 10% or so with Adjusted EBITDA up 45% or so, over $60m in Cash – FY to be in-line with expectations.

I am currently long here and will monitor the market reaction to this update.

15-Jan-2019 – 110p – £156m – PER 20.2

Trading Update For The 12 Months To End December 2018 – EBITDA to be slightly above market expectations on lower Revenue (due to the “divestment of the Media business, enabling the Group to fully focus on delivery of cybersecurity solutions”). Pleased with performance this year and expects to continue the growth trajectory in the medium term.

Would have liked to see a little more detail (like real profits info) – Will continue to hold but monitor reaction.

19-Mar-2019 – 101p – £143.6m – PER 18.6

Results For The 12 Months To End December 2018 – Revenue up slightly (53% recurring), EBITDA up 28.3% (slightly ahead of expectations), Adjusted EPS up 36.8%. Confident this year will be in-line with market expectations.

I am Long here and this seems to be good enough reason to continue to do so for now.

7-May-2019 – 90p – £130m – PER 14.9

AGM Statement – Strong start to the year, trading in-line, subscriber number growth exceeding expectations.

I am Long here and this seems good enough reason to remain so for now (based on the expectations (Broker forecasts) I have access to).

30-Jul-2019 – 83p – £120m – PER 12

Trading Update For The 6 Months To End June 2019 – Revenue up 24%, EBITDA up 40%, in-line (with management expectations).

Not a huge amount of information here, I am Long and remain so (perhaps a little more cautiously), for now. Based on the latest Broker note this morning, in my opinion, this looks way undervalued on a 1 Year and 2 Year view especially considering the Net Cash is about 30% of the current Market Cap.

17-Sep-2019 – 74p – £105m – PER 12

Interim Results For The 6 Months To End June 2019 – Revenue up 24.2%, Adjusted EPS up 14.9%, Cash at $36.4m. On track to meet FY expectations.

I am still Long here and remain so as this looks way undervalued on a 1 Year and 2 Year view especially considering the Net Cash is still about 30% of the current Market Cap.